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Wednesday, December 19, 2012

12/19/12 - EOD Update

Once again, all is going as planned. Earlier today, this was the forecast for the day.

The 5 min below shows the results show far. Yesterday, I was looking for a dip back to 1435 and the market has gotten very close today.

The backtest at 1435 on the 60 min and daily chart will be a key area to watch tomorrow.
5 Min 
Note the blue alt option. If (b)? blue completed at 11:30 am (EST), then it is possible that wave (c) has five waves complete. If this is the case, then the market either bounces starting tomorrow at the open or one more lil squiggle down to touch 1435.

Using the 60 min chart below, the lower Fib retrace targets are 1429 and 1425, so something else to keep in mind.

Bulls now have to defend the 12/14 low to keep the bullish count going. If not, then the high for the year has been put in.

60 Min

Daily

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